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Ally Returns to Home Loan Market

Phil Hall
Dec 12, 2016
Ally Financial Inc. is returning to the residential mortgage market with the launch of Ally Home

Ally Financial Inc. is returning to the residential mortgage market with the launch of Ally Home, which will offer a suite of fixed-rate and adjustable-rate loans for the purchase and refinance markets.

"At Ally, our goal is to 'Do It Right' for our customers, many of who have expressed a desire to deepen their relationships with us through additional products to meet their personal finance needs," said Diane Morais, president and CEO of Ally Bank, the company’s banking subsidiary. "Because a home loan is a cornerstone financial product and the largest market within the consumer lending space, this is a natural next step for Ally."

Ally’s return to the home loan market comes two years after the Treasury Department sold its final stake in the company, which received a $17.2 billion bailout following the 2008 economic crash. At one point, the federal government owned nearly three-quarters of the company, which had put its subprime mortgage business into bankruptcy while refocusing on auto lending. As of Sept. 30, the company had approximately $157.4 billion in assets.

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